Insurance Australia Group (IAG) is looking to build an insurtech hub in Singapore.

The new unit, Firemark Labs, will act as an incubator for IAG and help teamwork between start-ups and research and tech partners for new products and services across Australia, New Zealand and Asia.

Julie Batch, chief customer officer, IAG, says “customer lifestyles are changing rapidly – everything from how we purchase products to how we get around is becoming faster, simpler and more digital” and the hub will allow it to “quickly respond to changing trends and create new customer solutions”.

Supported by the Monetary Authority of Singapore (MAS), the hub is part of IAG’s strategy to improve customer experiences using data, innovation and digital technologies and will be funded by IAG’s AUD 75 million ($57.5 million) venture fund which was set up in December last year. The partnership with the MAS is expected to help IAG create new insurtech jobs in Singapore.

The name Firemark refers to a fireproof metal plaque used in the 18th century to show that a building was insured.

By Soumik Roy, editorial contributor to Banking Technology